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Tabreed appoints new Chief Financial Officer

Thursday, April 09, 2009
Tabreed appoints new Chief Financial Officer

National Central Cooling Company Adds New CFO To Executive Management Team

National Central Cooling Company PJSC (ticker symbol: Tabreed)‘Tabreed’, the Abu-Dhabi based utility company announced today that it has appointed Steve Ridlington to the position of Chief Financial Officer. Steve brings more than twenty years experience with BP in fundraising and global finance to Tabreed.

Commenting on the appointment, Tabreed Managing Director Khaled Al Qubaisi says:
“Steve brings best-in-class managerial expertise to Tabreed and will complement the company’s already strong finance function. His global finance experience will be an asset to Tabreed’s management and the company’s growth in the region. ”
Steve joins Tabreed from TNK-BP in Moscow where he was VP Treasury and Deputy CFO.

The appointment is effective immediately, and follows the release of Tabreed’s 2008 consolidated financial statements that reported strong performance across all four business sectors of Services, Chilled Water, Contracting and Manufacturing. For 2008, Tabreed reported a 30 per cent increase in revenues and a 26 per cent increase in gross profit over 2007.

Tabreed currently has 19 district cooling plants under construction across the Middle East, with 16 new plants expected to come online in 2009.

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